Satellite company Terran Orbital Corp., which has the bulk of its operations in Irvine, reported a 51% jump in revenue in the second quarter compared to a year earlier, while the net loss narrowed to $28.1 million from $32.3 million.
The revenue of $32.2 million still missed the average of six analysts cited by Yahoo who called for revenue of $44.6 million for the second quarter.
Terran (NYSE: LLAP) reiterated its May guidance that the company sees a “steep ramp” in revenue ahead that is expected at more than $250 million for the year. Terran Orbital’s 2022 revenue was $94.2 million.
Shares in Florida-headquartered Terran jumped 9.9% to $1.33 apiece for a market cap of $214 million in trading today.